GBP/USD: support waiting for bears

26 December, 2016

The price faced a support at 1.2270, so the price is consolidating. If we have any reversal pattern, the market is likely going to reach a support at 1.2227 – 1.2205. Considering a possible pullback from this area, there’s a chance to have an upward correction afterwards.

We’ve got a “V-Bottom”, so the price reached the 34 Moving Average, which led to the current consolidation. In this case, we should keep an eye on the nearest support at 1.2227 – 1.2205 as a possible bearish target. Meanwhile, if we see a pullback from these levels, there’ll be an option to have a correction in the direction of the next resistance at 1.2309 – 1.2385.

There's an upward Wedge, which was broken yesterday. The 89 Moving Average acted as a support. Therefore, the pair is likely going to rise in the short term, so we should keep an eye on the nearest resistance at 1.2584 - 1.2619 as a possible intraday target...

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28 October 2016

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